Goldilocks Job Report — Nick Santiago 12-8-23 #549
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1. The non-farm payroll report was released today. The headline number was a 199,000 job increase in nonfarm payrolls, there was a drop in the unemployment rate to 3.7% from 3.9%. Basically, this was another goldilocks report. It's funny how that has happened a lot this year. 2. The major indexes started weak and rallied up and now it’s pulling back a little, but basically flat. Either way, should the market continue to consolidate sideways there is nothing bad when that happens. 3. Next week is options expiration for December. This is a quarterly expiration which we call quadruple witching. This is a time period when we will see a lot of ridiculous upgrades/downgrades, off the wall news and lots of rumors that mostly will be false. Institutional game playing will be in play next week. 4. Oil is bouncing a little today after trading as low as $69.00 a barrel yesterday. I bought USO for a bounce trade here. We are into a heavy travel season and there's a chance that the government may try to fill the SPR at these lows. 5. Gold is falling today. This past Monday we saw a big reversal day in gold so we should expect more of a pullback from that false breakout attempt. The $1930 area is pretty good daily chart support. 6. Bitcoin is holding up well again today. As I have said before, this is going to remain strong until we get the announcement of the spot bitcoin ETF. Visit Nick’s site at: https://InTheMoneyStocks.com This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4295686/advertisement
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